5 startups you can fund with a personal loan

Citibank Philippines

Building your own business from scratch poses many challenges. Due to the competitive market, you should be extra inquisitive and creative in developing your product or service.

Raising capital is one of the biggest hurdles that aspiring entrepreneurs face. To address this, Citi Philippines offers a fast solution.

With Citi Personal Loan, loans can get approved in as fast as 24 hours without requiring a guarantor or collateral – one of the fastest loan approvals in the country. Once approved, you can get as much as P2 million to fund your dream startup.

They also offer flexible payment terms of 1 to 5 years, which allows you to pay off your loan in a convenient way.

Go for that entrepreneurial dream! Here are some ideas to inspire you:

1. Online retailing

With the aid of digital technology and social media, one can actually start reselling items, such as clothes, shoes, food products, and gadgets, over the Internet. Online retailing requires a small capital, especially if you're selling non-perishable materials.

By simply creating an Instagram or Facebook page, you can actually start selling your products. Just be sure to create a comprehensive and secure payment system so you won't be a victim of Internet fraud and scams. Also, make sure to target the right market and prioritize customer satisfaction, as these are key ingredients to loyalty.

2. Laundromat

In a city where space is limited and many people choose to live in condominiums, you can easily turn a small space, approximately the size of a typical garage, to a laundromat, where people can do their own laundry.

There's a market of consumers who would rather go to a laundromat than do their laundry in the limited space of their condos.

One can start a laundromat business with at least 10 pairs of washing machines and dryers. These will be your key investments because your target clients will most likely bring their own detergents and fabric conditioners. Of course, a free Wi-Fi connection is an added hook.

3. Waste-battling innovations

A problem like garbage can give rise to a great business opportunity. As one of the most alarming issues today, innovating ways to reduce or recycle waste is an excellent idea. From making biodegradable containers to recyclable shopping bags, there are many ideas you can explore.

While this business requires a lot of research, waste-battling innovations are very welcome in the market today. The other good part? You are doing your part to help the environment. And that is a great way to get good word of mouth and encourage the market patronize your product.

4. Food trucks and carts

Do you love to cook and feed people? Then you should turn your passion into profit. If you’re extra creative, you can come up with your own unique product and brand, buy a truck, and start selling. Of course, getting a franchise is also an option.

What's good about a food truck business is you usually don't have to rent any space. You are free to roam around in busy areas, though you have to make sure to get the necessary permits on where you plan to park your truck. A food cart is also another way to ease your way into the food business with even less capital. You can rent a space in a mall, by the train station, or anywhere where there's heavy foot traffic.

5. Organic gardening solutions

Since healthy living is becoming a trend nowadays, particularly in upscale cities, it's interesting to start an urban gardening business that promotes organic food one can grow in limited space.

This can be a hit among condo dwellers who are looking for cheaper ways to eat healthy food. You can supply everything related to organic gardening, such as pots, soil, fertilizer, and seeds. It will also be best if you could create a blog where your customers can discuss their ideas with you. This will help you learn more about the things you need to improve and the things you should keep doing for the business.

Indeed, there are countless business ideas that you can explore. With the right information and help from a trusted financial institution like Citi Philippines, you can pursue your dreams of retiring early and making your money work for you someday.